News Archive for August 5, 2011

Grand Bid to Curb Yen Gets Weak Results
On the heels of what looks like Japan's largest-ever single-day currency-market intervention, government officials said they stand ready to act again to quell the yen amid concerns about increasingly pessimistic global markets.

Asian Leaders Vow to Respond If Needed
Asia-Pacific policy makers voiced concern about the darkening of the global outlook and declared themselves ready to respond, potentially complicating the fight against inflation that many in the fast-growing region are waging.

S&P Official: Downgrade Due in Part to Debt Brawl
A top official at rating firm S&P said the company's decision to downgrade U.S. government debt for the first time in 70 years was due in part to Washington's political paralysis surrounding raising the debt ceiling.

Japan Arrests Chinese Fishing Captains
The Japanese coast guard Friday arrested two Chinese fishing captains and detained their vessels after accusing them of illegally entering Japanese waters, less than a year after a similar incident triggered a tense diplomatic standoff between the two Asian neighbors.

Twain Museum Worker Admits Stealing Funds
A former employee of the Mark Twain House and Museum pleaded guilty to wire fraud and filing false income tax returns after she was charged with stealing more than $1 million from the nonprofit.

Solar Blasts Slam Into Earth
Two blasts of energy from the sun hit the Earth's magnetic field and could disrupt one or more electrical grids, global-positioning systems or other satellite-communications systems, scientists said.

WaMu Probe Ends With No Charges
The U.S. attorney's office in Seattle plans to announce Friday afternoon that its criminal investigation of Washington Mutual has been closed without any criminal charges filed against executives of the company.

AIG Takes $100 Million Charge
American International Group booked a second-quarter charge of about $100 million as it overhauled procedures for complying with unclaimed-property laws, the latest insurer to beef up efforts to ensure payments are made on life-insurance policies of deceased customers.

S&P Resumes Rating New CMBS
After rocking the commercial mortgage-backed securities market last week, Standard & Poor's on Friday sought to dispel the confusion it raised over its ratings process and said it would resume rating new CMBSs immediately.

Comcast sues DirecTV over NFL Marketing
Comcast Corp. has sued DirecTV Group Inc., alleging the satellite-television operator falsely advertises that it offers National Football League Sunday Ticket football programming free of charge.

Monsanto CEO Concerned About Economic Climate
Despite agriculture performing better than most industries, Monsanto CEO Hugh Grant says this economy has made it difficult for his company to plan for the future.

In T-Bills, a Zero-Sum Game Plays Out
Zero or even slightly negative yields may be here for a while in the market for short-dated U.S. government debt, barring any significant improvement in either the global economic outlook or the euro-zone's debt troubles.

In August, Fastest Senator Wins
During most months of the year, it's convenient to be a U.S. senator from Maryland or Virginia—just not in August. But since official business rarely takes place, most sessions last less than a minute and senators compete to see who can clock in the fastest time.

Facebook Lawyers Cite 'Smoking Gun' Papers In Ceglia Case
Lawyers for Facebook say they have unearthed "smoking-gun documents" that debunk the claims of a New York man that he is entitled to a signficant ownership stake in the social-networking service.

Exco: SEC Seeks Data on Shale Reserves Estimates
Exco Resources said the Securities and Exchange Commission has asked for records from the past four years pertaining to the energy producer's reserve estimates and shale wells producing natural gas.

'Flash Crash' Fail-Safes Work Largely as Planned
Wall Street's worst stock plunge in three years unfolded in a relatively orderly manner, as market safeguards put in place after last year's "flash crash" appeared to have done their job.

Medvedev Warns Syria as Hama Siege Draws On
Gunmen in plainclothes are shooting people in the streets of the besieged Syrian city of Hama, a resident said, as the U.S. imposed additional sanctions against Syrian insiders and Russian President Dmitry Medvedev offered some of Moscow's harshest criticisms yet of Syrian President Bashar al-Assad.

Cantor Suggests Entitlement Promises Will Be Broken
Cantor suggested that Republicans will continue a push to overhaul programs such as Medicare, saying that "promises have been made that frankly are not going to be kept for many."

Prudential Profit Nearly Doubles on Asia, U.S. Business
U.K. insurer Prudential delivered a positive take on its profitability and growth for the rest of this year, as continued strong performance in Asia and the U.S. led its first-half net profit to nearly double.

Canada's Jobless Rate Unexpectedly Drops
Canada's jobless rate in July fell unexpectedly to its lowest level since December 2008, even though the economy added fewer than half the number of jobs expected, because fewer people participated in the labor force.

Greece Demands Action on Debt Crisis
Prime Minister George Papandreou said Europe must act swiftly to address the debt crisis, saying that the rout in financial markets showed a deepening skepticism over Europe's ability to contain the crisis.

India Shares End at 14-Month Low
Indian shares dropped to a 14-month low Friday as investors across Asia and Europe fretted about a double-dip recession in the global economy, but a late round of bargain-buying helped the shares recoup some of their losses.

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Stocks Tumble in Global Rout
European stocks opened sharply lower Friday following the heavy selloff in the U.S. and Asia, amid growing concerns about euro-zone sovereign debt and the U.S. recovery, and ahead of the release of nonfarm payrolls.

Jindal Steel in Pact With Rio Tinto for India Plant
India's Jindal Steel & Power said it has signed a pact with Rio Tinto to use and jointly market the U.K.-based group's specialized technology for making steel.

Japan Nuclear Agency May Fall Under New Authority
Japan's minister in charge of nuclear safety said Friday that the country's planned nuclear safety agency may come under the jurisdiction of a different government department from its predecessors.

Kirin First-Half Profit Doubled
Japanese drinks maker Kirin said its net profit for the first half more than doubled. But it lowered its full-year forecast due to decreased sales following the March earthquake.

Mutual Funds Need to Consolidate
India's mutual fund is large and growing, but it's not easy to run profitable operation. Consolidation is one way for many players to gain economies of scale, writes Samita Sawardekar.

Suntory Denies Bidding for Independent Liquor
Japan's Suntory Holdings said it wasn't bidding to buy New Zealand's Independent Liquor, as Independent's owners look to sell a controlling stake or all of the company.

Debt Crises Not Only Blame For Equity-Market Woes
Although the latest bout of Europe's sovereign debt crisis tends to be blamed for the European equity market's woes, it's not at all clear this is the case.

Tokyo Shares End Near Five-Month Low
Tokyo stocks fell sharply as fears of a global economic downturn gripped the market, sending the Nikkei down 3.7% to its worst loss in almost five months. Sony was among several blue chips that dropped more than 5%.

Indian Companies Develop Gaming Strategy
India's share of the world's gaming pie may be low but it slowly is gaining market share in the development of new games and in providing backbone services to other developers, says Shruti Chakraborty.

ECB's Coene: Bond Buys Haven't Helped
The ECB's purchase of Portuguese and Irish sovereign debt hasn't halted contagion in the single currency area, and puts the onus on politicians to get their house in order, ECB governing council member Luc Coene said.

Australian Central Bank Warns of Grim Outlook
Australia's central bank warned of increasing downside risks to the global economic outlook as financial markets rushed to price in aggressive interest rate cuts before the end of the year.

Suzlon to Pay U.S. Pollution Penalty
Indian wind turbine company Suzlon Energy will pay a $490,000 penalty for pollution violations in the U.S. over a period of four quarters, starting from the current quarter, the company said.

Greek Debt Impairs Allianz
Allianz said net profit fell 8.2% in the second quarter, after the write-down of the value of its entire Greek sovereign-debt portfolio to market value was only partially offset by moderate costs for severe-weather damage.

Metals Hit as Sell-Off Spreads
London and Shanghai industrial metals were hammered in Asian trade Friday amid a savage slump in world markets triggered by fears over global economic conditions, while gold held firm on safe-haven demand.

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While connectivity remains a limitation, the number of Indian mobile and online players have multiplied over the past few years. Developers are beginning to create games that appeal to a domestic audience. Together, this could help India catch up with the rest of the world.

Asia Tries to Cope With Aversion to Dollar
The Bank of Japan's intervention to sell yen against dollar comes as authorities elsewhere in Asia struggle with the impact of a growing global aversion to holding the U.S. currency.

Taking a Village to Design a Living Space
Keith Johnson, the antiques and art buyer for Anthropologie, hosted an intimate dinner at the Upper East Side apartment he shares with his partner, Glen Senk, the chief executive of Urban Outfitters, for furniture artist Draga Obradovic.

Taking Indie Music to the Hamptons
Two indie music events this month in the Hamptons have found themselves in a duel. Both are aiming to lure city folk for the weekend; neither expects the usual lobster-salad-seeking crowd.

The Danish Sandwich, Reloaded
As Danish chefs rediscover the full range of homegrown ingredients, their all-purpose, open-face sandwich, called smørrebrød, has become one of Copenhagen's cutting-edge dishes.

A Question of Confidence in Government
The 2008 market collapse followed a loss of confidence in the financial system. The current crisis grows from a fear that governments are losing control of the situation.

Putting the Chic in Chicken Coop
A growing number of city dwellers are seeking to lead sustainable lives in an urban environment, growing their own vegetables and fruit, raising chickens and producing honey—all while remaining stylish with state-of-the-art products.

Spiffing Up Opel's Image to Test GM
For the first time in years, GM's European division eked out a quarterly profit. Opel is counting on a recently begun image makeover to help pull off better command of European prices.

European Insurers Face Debt-Crisis Hit
European insurers and reinsurers have so far escaped a major hit from the euro-zone crisis, though some saw profits eroded by write-downs on Greek debt, and more losses may emerge if the crisis spread to Italy and Spain.

The Changing Face of Portraits
Collectors are paying top dollar to be painted by famous artists—even if it means looking silly or grotesque. How an unflattering image became an art-world status symbol.

Top Bloomberg Aide Resigns
Deputy Mayor Stephen Goldsmith, who was recruited by Mayor Bloomberg to breathe new life into his administration but found himself besieged by criticism for the botched handling of last winter's deadly blizzard, resigned.

Belgium Put on Watch List
British regulators have asked U.K. banks to disclose their exposures to Belgium's government and banks, in a sign that concerns about the euro zone are spreading beyond southern Europe.

Private Arbitration Is Appropriate When It Is Voluntary
For Journal opinionators, it seems that a sturdy padlock on courthouse doors to block individuals from holding corporations accountable would amount to a form of utopia. Kimberley Strassel's column "The Senate's Lawsuit Factory" (Potomac Watch, July 22), reaffirms this oft-stated wish.

Obama Launches New Push on Jobs
President Barack Obama is renewing his effort to push a jobs agenda amid a sputtering economy and financial market turmoil, but he is so far offering mostly modest proposals to a divided Congress focused on reducing the deficit.

Chef Thierry Marx Gets His Kicks on the Weekend
While food is Thierry Marx's passion, on weekends, the executive chef of the Mandarin Oriental's Sur Mesure and Camelia restaurants in Paris leaves the cooking to others and spends his time watching old movies, exploring the City of Lights and practicing judo.

Veolia Posts Loss, Plans Shake-Up
Waste and water utility Veolia Environment announced a restructuring plan after first-half operations were hit by accounting fraud in its U.S. marine services, and lowered full-year guidance.

Even Gold Loses Its Midas Touch
Gold was soaring Thursday morning, benefitting from its safe-haven status amid mounting economic worries. Then, without warning, bullion started behaving like just another risky asset.

Dow Tumbles 513 Points, Putting It in Red for Year
Stocks plunged, driving the Dow Jones Industrial Average down more than 500 points, as investors worried about the global economy and Europe's debt crisis.
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Research Points to Alzheimer's Early Toll
An explosion of new research bolsters an emerging view that a "silent phase" of Alzheimer's disease begins ravaging the brain years or even decades before patients have enough symptoms to be diagnosed.

Let Science Show Where Avastin Works
"A Second Avastin Opinion" (July 23): You cannot have it both ways. At first Genentech wanted a blanket approval for Avastin use in any metastatic breast cancer, and now they want time to see which subset of patients actually benefit from Avastin,

Lloyds Posts $3.78 Billion Loss
Lloyds Banking Group said a weak U.K. economy and higher funding costs bit into its margins in the first half, as it reported a $3.78 billion net loss due mainly to a one-time charge for selling faulty payment-protection insurance.

Shenandoah Valley Farm
Located in Raphine, Va., this 154-acre property was used as a working herb farm for 16 years until the commercial operation closed in 2007. It includes an 18th-century main house, as well as a guest cabin, a barn, a corn crib and a gardener's cottage.

Only 3 in S&P Manage to Rise
Thursday's market tsunami spared few companies, wiping out nearly the whole of the large-capitalization Standard & Poor's 500-stock index. Only three hardy survivors managed to cling to their meager gains for the day.

Swinging Down in the Basement and Out in the Garden
This week's jazz calendar is headlined Barry Harris at the Village Vanguard and John Scofield at the Caramoor International Music Festival in Katonah.

European Stocks Plunge
European shares dropped amid fears that global growth and the euro zone's debt crisis could intensify. Japanese shares edged higher after Tokyo intervened to stem the yen's appreciation.

Ex-M&A Lawyer Pleads Guilty in Tax Case
A former mergers-and-acquisitions lawyer at prominent Wall Street law firm Sullivan & Cromwell pleaded guilty to failing to report or to pay his taxes over four years.

Brazil's Defense Minister Ousted
President Dilma Rousseff, prompting the third departure among senior cabinet members in recent months, moved Thursday to replace the country's long-serving defense minister after comments by the official that were critical of her government and two fellow ministers.

Kraft Breakup Alone Won't Nourish Investors
When it comes to Kraft, Warren Buffett hasn't been much of an oracle recently. The stock has topped many rivals, with a 20% rise since announcing a bid for Cadbury, a deal Mr. Buffet called "dumb." So what can investors read from his latest endorsement?

County Ups the Ante in Voucher War
In a bid to revamp public education, a suburban district south of Denver has begun handing out vouchers that use public money to help its largely affluent residents send their children to private and church-based schools.

AIG Logs Profit as Bailout Woes Fade
American International Group logged profit of $1.84 billion in the second quarter as the insurer reported a quarter largely free from the restructuring costs and other extraordinary charges that have bogged down results since its 2008 bailout.

Small Firms Hunger for Sales, Not Credit
Small-business lending has been in trouble, but there is an explanation beyond the widespread perception that banks are denying credit. In many cases, small businesses need stronger sales much more than they do credit.

Music Industry Sighs No More
The nominations for this year's Barclaycard Mercury Prize, the traditional bellwether for the state of British music, indicate that the country remains a lively breeding-ground for talent, though the range of acts also suggests that it is a territory difficult to map.

July Retail Sales: Warm, Not Hot
U.S. retailers tried to lure shoppers out of the hot weather through deep discounts in July, having moderate success. But as an early indicator of back-to-school demand, the sales picture was less certain. Macy's, Costco and Target beat expectations.

Private Properties
A California compound owned by the late actor, filmmaker and artist Dennis Hopper has been relisted for $6 million. Also, steel manufacturing chairman Leroy Schecter has sold an oceanfront lot in Miami Beach, and the price of a Manhattan townhouse owned by the late Malcolm Forbes has been reduced.

The Coach With the Trippy Tattoo
This is 2011, when tattoos are no longer the rebel gestures of pirates and bouncers and your sister's first boyfriend. Rex Ryan's tattoo is just a reminder that he still does Rex-like things.

'Skeptics' Invited to Question BofA Chief
Bank of America's Brian Moynihan has agreed to be interviewed by fund manager Bruce Berkowitz in a conference call, underscoring the lengths the company is going to improve relations with skeptical investors.

Turmoil—off Screen—Haunts a Zombie Show
"The Walking Dead" has been one of the brightest ratings successes for cable channel AMC, but behind-the-scenes upheavals have led to the departure of the show's original executive producer, Frank Darabont.

Eloquence and Abolition
James Pennington—a former slave, biblical scholar and leader of the antebellum abolitionist movement—told a white theologian that if slavery was to exist to the end of the world, whites should perhaps take their turn. Sarah Ruden reviews "American to the Backbone."

NFL Players Approve New Deal
NFL players have ratified a new collective bargaining agreement, and the contract allows the NFL to become the first major U.S. professional sports league to use blood testing for human growth hormone.

China Makes Arrests Over Food
China said authorities have arrested more than 2,000 people and shut 5,000 businesses in a four-month campaign against recurring food safety problems, following a spate of recent contamination woes.

Shadows and Shakespeare in Salzburg
Most people think of Salzburg as one of the world's premier international music festivals, not realizing that it is equally a drama festival, largely because theatrical performances are mostly in German.

ECB Bond Purchases Are High-Stakes Gamble
The crisis must be bad: The European Central Bank has resumed its mothballed bond-buying program. But the latest capitulation drags the central bank into potentially dangerous territory.

Bartenders Serve Up Tips for Community Causes
For bartender Brian Floyd, a tip on a beer is more than just a thank you for good service. He takes his tips, pools them with contributions from other barkeeps and goes out to do good in the community.

The Curious Allure of Negative Returns
As fears mount over sputtering growth and the continued fallout from Europe's crisis, investors are moving heavily into cash. The danger is that a big shift into cash fuels a vicious cycle in which companies and investors lose more confidence in economic prospects.

Sony to Keep Making TV Sets
Kazuo Hirai, the front-runner to be Sony's next chief executive, dismissed the notion that the company would stop manufacturing TV sets, saying that making the struggling business profitable is his top priority.

Homeowners Can't Hop on Low Rates
Mortgage rates have fallen to the lowest levels of the year, fueled by new worries that the economy could be sliding back toward recession. But rates may need to drop even lower to ignite a major refinancing wave.

AT&T's Great Leap Back
Industry leaders don't normally shed tears over poor performance by their smaller competitors. But this week's 40%-plus plunge in the stock prices of Leap Wireless and MetroPCS, triggered by disappointing quarterly results, could be bad news for AT&T.

Read Iran's Real Views on Democracy
Iran's Mohammad Khazaei's accusation that the West gives only lip service to democracy can be understood only if the reader accepts the Islamic Republic's definition of democracy ("The Islamic Republic Is For Democracy," op-ed, July 27)

Yes, the Government Put Taxpayers First
I find the letter sent by Bengals' Vice President Troy Blackburn in defense of his organization's requests for county income ("The Bengals Aren't the Problem Here," Letters, Aug. 3) rather telling.

Food Scares Follow Japan Nuclear Accident
The discovery in July of radioactive cesium nearly five times Japan's limit in beef at a Tokyo slaughterhouse has raised all kinds of questions about how much contaminated meat has already been consumed.

'Apes': Thumping Chests Material
"Rise of the Planet of the Apes" reboots the franchise, swinging into flights of kinetic fantasy that blow the collective mind while boosting the collective IQ of this summer's movies, says Joe Morgenstern.
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Dendreon's Cancer Drug Hit by Doubts
Dendreon's surprising disclosure that initial sales of its prostate-cancer drug are progressing slower than expected raised questions about the current appetite for expensive treatments.

Inquiry Ordered on New IMF Chief
A French criminal court Thursday ordered a probe into whether IMF chief Christine Lagarde was complicit in the misuse of public funds in 2008, when she was France's finance minister.

Japan Acts to Weaken Yen
The collateral damage from the U.S. and European debt crises has shifted the front lines of the currency wars. Japan intervened in currency markets to stem the rise of the yen while the Swiss National Bank cut interest rates to nearly zero.
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The Jets Lose a Leader in Cotchery
New York cut ties with its veteran receiver Jerricho Cotchery and is eyeing free agent Derrick Mason, a 37-year-old wide receiver who had spent the last six seasons with the Baltimore Ravens.

Rising Currencies Bedevil World Economies
No country seems to want a rising currency—and that poses a problem for a world economy struggling with weakening prospects for growth in the world's biggest developed nations.

Mets' Santana Has a Fatigued Shoulder
Mets pitcher Johan Santana was diagnosed with shoulder fatigue during an examination at Manhattan's Hospital for Special Surgery, but the shoulder is otherwise healthy, the team announced Thursday.

Roxanne Pulitzer's Telluride Spread
Roxanne Pulitzer and her fifth husband, Tim Boberg, expanded an 8,800-square-foot home overlooking the San Miguel Mountains to 23,000-square-feet. Among the additions: a bowling alley, a lap pool and a shooting range.

Hackensack Moves to Lift Main Street
After decades of store vacancies and dwindling foot traffic along its struggling Main Street, Hackensack, the seat of affluent Bergen County, is taking steps toward an overhaul.

Indonesians Seek Cures Along the Rails
Indonesian officials are scrambling to find a solution to the latest dangerous trend in Jakarta: people who roam the city's railway tracks looking for free 'electric therapy.'

Kapow! Superheroes Still Pack a Punch
The superhero—whether on the big screen or the mean streets of Salford, England—is a futuristic window into the more uncomplicated values of a longed-for, imagined past.

Railcar Sales Regain Some Speed
Improving freight shipments are giving a needed boost to the niche industry of railcar manufacturing, which closed factories and shed thousands of workers in the recession.

SEC, Gupta Drop Their Cases, for Now
The Securities and Exchange Commission dropped its civil administrative proceeding against former Goldman Sachs director Rajat Gupta, but left the door open to pursue insider-trading charges against him in a civil lawsuit.

Fighting the Flyover-Land Label
Baseball's Central divisions are once again the sport's weakest. But trade-deadline acquisitions by Cleveland, Milwaukee and Pittsburgh suggest the Heartland might finally be heating up.

Crackdown Targets Tests on Concrete
Manhattan prosecutors said Thursday they are trying to root out a pattern of corruption in New York's concrete-testing industry as they accused a testing company—the third in three years—of fabricating results on major construction projects.

India's Sonia Gandhi Undergoes Surgery
Sonia Gandhi, president of India's ruling Congress party, underwent surgery in the U.S. for an undisclosed medical condition and will be away from India for two to three weeks.

Activists Pressed for Kraft Spinoff
After spending $19 billion last year to buy Cadbury, food giant Kraft Foods said it was splitting in two, a move that came as shareholders behind the scenes were advocating for a breakup.

Policy Makers' Creeping Nightmare: Italy
Just a few months ago, European policymakers were scrambling to erect barricades protecting Spain from the marauding sovereign-debt crisis. But now, suddenly, it is Italy in the crosshairs.

Panetta Warns On Defense-Cut Trigger
Automatic spending cuts built into the debt-ceiling agreement are a "doomsday mechanism" that would damage national security if they kick in, Secretary of Defense Leon Panetta said.

U.K. Retailers See Prices Stabilizing
U.K. fashion retailers are beginning to predict that clothing prices should have topped by the end of this year, as cotton prices have halved since the peak they reached in March.

Discovering Classic Croatia
After hearing snippets from winemakers about the quality of Croatian wine, columnist Will Lyons was intrigued to taste more. What he discovered was wines quite unlike any other.

Money-Fund Assets Fall as Institutions Retreat
The Investment Company Institute reported assets in money-market funds fell by $65.84 billion in the week ended Wednesday, the sharpest outflow so far this year, due to steep outflows from institutional funds.

For Sale: One Labor of Love
An Orchard Street tenement became a one-of-a-kind boutique hotel, incorporating remnants from the immigrants who once lived there. Now the quirky eight-story building is for sale.

Turkey's Lira Tumbles After Surprise Rate Cut
Turkey's currency tumbled again as the government and military reached a deal over a new military command, but this time it was a surprise cut in the central bank's benchmark interest rate that spooked markets.

Dennis Hopper's Venice Home Back on Market
Dennis Hopper's Venice, Calif., compound is back on the market, a Miami Beach waterfront lot sells for $15 million and a Manhattan townhouse owned by the late Malcolm Forbes gets a price cut.
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In Nigeria, a Big Oil Toll
A U.N. study into the long-term environmental impact of oil production in Nigeria says that oil spills have led to acute health risks for area residents and widespread environmental damage that may take as many as 30 years and $1 billion to clean up.

Polygamist Leader Convicted
A Texas jury convicted polygamist leader Warren Jeffs on child sexual-assault charges in a case stemming from two young followers he took as brides in what his church calls "spiritual marriages."

All Hail This Record Chunk of Ice
Cattle rancher Les Scott keeps one of his prized possessions—a hailstone—in a frost-free freezer in his basement. He holds the U.S. record for the nearly two-pound hailstone that fell from the sky during a storm last year.
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New York Asks Into BofA Settlement
New York's attorney general asked a state court judge to allow him to intervene in the recent $8.5 billion settlement between Bank of America and mortgage-bond investors, calling the proposed deal "unfair and inadequate."

Shale Gas Is Helping Industry, Too
A point not made in your editorial "A Tale of Two Shale States" (July 26), or in the letters of July 29, is that natural gas is especially critical to the revitalization of chemical manufacturers, an industry that employs 784,000 Americans.

Markets Will Make Their Own Assessment of U.S. Credit
Anyone who has actual experience with bond investing and trading has already discounted the downgrade S&P and Moodys have threatened, and now they are quietly worried about the next two downgrades ("The Road to a Downgrade," July 28)

Donors Urged School Ouster
A billionaire hedge-fund manager's charitable foundation urged Connecticut state officials to dissolve the Bridgeport city school board and offered help with "education reform" if a new regime took over.